The US Inflation data is in focus and the market has been patiently waiting for this day. So what’s instore for traders?
The dollar index traded on a neutral in a start to the week, making no significant gains in both directions amid mixed US Treasuries.
The value of the Gold traded neutral yesterday as investors refrained from making big bets ahead of a US inflation report that could provide fresh insight into how quickly and by how much the Federal Reserve may cut interest rates this year.
Copper halted declines and recovered slightly as traders and funds trimmed short positions, pointing to lower prices as markets awaited US inflation data that could indicate when the Federal Reserve may cut interest rates.
Crude oil prices eased slightly on Monday as geopolitical tensions in the Middle East fueled a surge in energy bets.
Israel launched airstrikes over the weekend in preparation for a ground offensive on the southern Gaza city of Rafah, raising concerns about the war between Israel and Hamas, a major oil stronghold in recent months, in part because the conflict could cause anxiety. disrupting global oil supplies – expected to increase further.
Tensions in the Middle East continued to support oil prices, offsetting a rebound in US production that hit a record in February after cold weather disrupted output.
MCX gold futures settled -0.35% to 62078. Silver settled +0.33% at 71009. Copper +0.63% to 708.20. Crude oil +0.16% at 6371. Natural gas -2.33% to 155.3.
Economic data and events scheduled – Full Speed Ahead With US Inflation Data In Sight!!
Japan
At 11.30am –
Prelim Machine Tool Orders y/y. Previous was at -9.6%.
Above data could have a mixed impact on the Yen.
Eurozone
German ZEW Economic Sentiment. Data is foreseen at 17.4 from previous at 15.2.
ZEW Economic Sentiment. Data is foreseen at 20.1 from previous 22.7.
Tentative – EU Economic Forecasts.
Above data could have a mixed impact on the Euro.
UK
At 12.30pm-
Claimant Count Change. Data is foreseen at 15.2K from previous 11.7K.
Average Earnings Index 3m/y. Data is foreseen at 5.6% from previous 6.5%.
Unemployment Rate. Data is foreseen at 4.0% from previous 4.2%.
Above data could have a volatile impact on the Pound.
US
At 7.00pm-
Core CPI m/m. Data is foreseen at 0.3% from previous 0.3%.
CPI m/m. Data is foreseen at 0.2% from previous 0.3%.
CPI y/y. Data is foreseen at 2.9% from previous 3.4%.
Above data could have a volatile impact on the dollar
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Also Read: Economic Data: Unpredictable Week Ahead with US and UK CPI? ,Copper Update: It fell to projected support, what next?
Recommended Read: Forex News Letter – Anticipations for the US Inflation On the Rise?
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